25 Sep 2026, 13:52 IST
Vishal Mega Mart Limited
HDFC Securities · BUY · target INR 140
The note says HDFC Securities maintains BUY with a DCF-based target of INR140/share (up from INR135, implying ~44x Sep-28 EPS), modelling ~16%/19%/25% revenue/EBITDA/PAT CAGR and ~80bps pre-Ind AS EBITDA margin expansion to 10.6% over FY26-29E, while noting management's 18-20% revenue growth guidance, ~100 large-format store additions annually, a four-hub supply chain transition, and risks from the ~40% Kedaara/Partners Group stake overhang and eventual succession of 65-year-old MD & CEO Gunender Kapur.
From Vishal Mega Mart Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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